Santander Bank Review: A Solid Regional Bank for Savings and Checking
Review
Updated
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Santander is somewhat of a hybrid between an online and branch-based bank, and offers a few competitive account types, such as the combination of its Select Checking and Money Market accounts.
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This bank may be a good option for you if:
| Santander Bank Fee | Charge |
|---|---|
| Monthly maintenance fee | $0 to $25 depending on account type |
| Non-Bank ATM fee | $3 domestic, $6 international |
| Overdraft fee | $15 |
| Outgoing wire transfer fee | $25 domestic, $40 international |
| Paper statement fee | $3 |
Santander Bank gives you two savings accounts to choose from.
Openbank High Yield Savings is Santander Bank's premium savings account. It offers an extremely competitive APY, one of the best we've seen, and there's no monthly fee. Unlike the standard savings account, there are a couple requirements you must meet to open this account.
For one thing, you must deposit $500 minimum to open the account. For another, you must not already have an open account with Santander Bank. This bank account is 100% digital, so you can't walk into Santander Bank branches for help or order checks.
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Openbank High Yield Savings
The Openbank High Yield Savings account could be right for you if you're a digital native and comfortable managing your account 100% online. This account sacrifices some of Santander's extra features in favor of offering you an extremely high rate with low fees. It's a good deal, if it meets your needs.
Openbank disclosure:
Openbank High Yield Savings is currently unavailable to individuals who reside in CT, DE, MA, NH, NJ, NY, PA, or RI, and to Santander Bank customers with: (1) a deposit account(s) opened in these states or FL, or (2) a lending account.
*Interest Rates and Annual Percentage Yields (APYs) are accurate as of 12:01 am Eastern Time April 5, 2025. The products and rates we offer may vary between locations, are available in select markets only, and are subject to change without notice. Rate for this product will be based on the residential zip code entered when account is opened within online application process. This is a variable-rate account and the rate applicable to your balance tier may change at any time without notice. A minimum deposit of $500 is required to open a Openbank High Yield Savings account. Personal accounts only.
Openbank is a division of Santander Bank, N.A. Member FDIC. There is a maximum of $250,000 of deposit insurance from the FDIC per depositor for each category of account ownership. Visit FDIC.gov for details. Deposits at Santander Bank, N.A., and Openbank are combined for the purposes of calculating FDIC insurance limits (FDIC Cert #29950) and are not separately insured.
The Santander® Savings account is a no-frills savings account. It may be worth opening if you have $25 and can waive the monthly fee. You can do so by opening a Santander checking account, maintaining a $100 savings account balance, or by being younger than 26 years old.
It's convenient to do your saving and checking in one place. That said, the APY is much worse than competitors. If you can swing another Santander account, it may be worth doing.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 3.80%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for CIT Platinum Savings
On CIT's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
|
Earn a bonus of at least $225 after a one-time deposit of $25,000+.
Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
|
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
Open Account for American Express® High Yield Savings
On American Express's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
3.70%
Rate info
3.70% annual percentage yield as of April 5, 2025. Terms apply.
Min. to earn: $0
|
N/A
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
SoFi disclosure:
¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.
Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
There isn't much transparency around the offers or rates of Santander Bank CDs. It features a couple of popular CD terms with special rates on its website, but for anything else, you'll need to speak with a banker. Plus, CDs can only be opened in a branch, not online.
Having said that, for the popular CD terms disclosed on its website (currently 6-month and 12-month), its APYs are quite competitive with CD rates at top banks.
APY = Annual Percentage Yield
Santander Bank features just two CD rates and terms on its website and they are quite competitive. However, the longest term you'll find is 13 months, and you'll need to visit a Santander Bank location to open your CD.
| 6 Mo. APY | 13 Mo. APY |
|---|---|
| 4.15% | 4.00% |
CD yields are at their highest level in years, and it's important to compare several before you choose one.
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Discover® Bank CD
Member FDIC.
Open Account for Discover® Bank CD
On Discover Bank's Secure Website. |
APY:
4.00%
|
Term:
1 Year
|
Min. Deposit:
$0
|
Open Account for Discover® Bank CD
On Discover Bank's Secure Website. |
|
APY:
4.50%
|
Term:
10 Months
|
Min. Deposit:
$2,500
|
Open Account for
On Secure Website. |
|
|
APY:
4.30%
|
Term:
6 Months
|
Min. Deposit:
$1
|
Open Account for
On Secure Website. |
Santander Bank offers three different types of checking accounts.
Santander® Select Checking is the bank's premier checking account. It's worth looking into if you can get the monthly fee waived by maintaining a $25,000 balance. Perks include $0 cash withdrawal fees at ATMs in the U.S. and abroad, plus reimbursements for surcharge fees charged by non-Santander ATMs. You can get your card replaced for $0 if you lose it (standard accounts are charged $30 for debit card replacement). Paper statement fees are waived.
This is an interest-bearing account, but Santander doesn't disclose the APY on its website.
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Santander® Select Checking
The Santander® Select Checking account is an interest-bearing account with an excellent ATM fee reimbursement policy. Because of its above-average monthly fee and balance-based waiver, it is best suited for people with over $25,000 in Santander accounts.
Santander Simply Right® Checking is excellent for getting your monthly fee waived. You can do so by making a single transaction per month. However, the account lacks perks. Checking accounts don't need to be fancy to cover the essentials.
Santander® Essential Checking is ideal if you have less than $25,000 to deposit. If you're younger than 26 or at least 65 years old, the monthly fee is waived. Perks of this account include reduced ATM fees ($2.50) and reduced paper statement fees ($2).
Though the monthly fee is low, many competitor checking accounts have done away with monthly fees entirely. If you can't get the fee waived, you may want to bank elsewhere.
We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for Discover® Cashback Debit
On Discover Bank's Secure Website.
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0%
Min. to earn: N/A
|
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
|
Open Account for Discover® Cashback Debit
On Discover Bank's Secure Website. |
Open Account for Quontic High Interest Checking
On Quontic's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 1.10%
Min. to earn: $1
|
High APY when you complete 10 or more qualifying debit card purchases each month
|
Open Account for Quontic High Interest Checking
On Quontic's Secure Website. |
10 debit card point of sale transactions of $10 or more per statement cycle required to earn the maximum APY. If the qualifying activity requirement is not fulfilled, the interest rate paid on the entire balance will be 0.01% APY.
Santander Bank offers two money market accounts we cover below.
Santander® Select Money Market Savings is the bank's premier money market account. There is no monthly fee, but you can only open it with a Santander® Select Checking account, which charges a monthly fee on balances lower than $25,000.
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Santander® Select Money Market Savings
While it's only for certain customers, the Select Money Market Savings account is a competitive money market account. It has a competitive APY and offers excellent ATM fee reimbursement, which is a rare feature of branch-based bank accounts.
Santander® Money Market Savings may be worth opening if you can get the fee waived. You can do so by opening a checking account with Santander or by maintaining a $10,000 account balance. The account pays interest, though not nearly as much as competitors.
Santander Bank reviews are about average for brick-and-mortar banks, which is to say, poor.
Online customer reviews for Santander Bank are poor. Like most brick-and-mortar banks, Santander's Trustpilot rating is between one and a three. It scores better than Capital One (1.3) and worse than SoFi® (4.5). On the plus side, the A- Better Business Bureau (BBB) rating indicates Santander responds to customer complaints.
Yelp reviews indicate that customer service is poor in-person and over the phone. Customers complain about long wait times, old machines, and slow service. One customer mentioned that the bank is very convenient for simple transactions as opposed to checks or international transfers. Your experience at in-person locations may vary by branch.
You can contact Santander Bank for remote banking help by calling 1-877-768-2265 from 8 a.m. to 8 p.m. ET, Monday through Saturday. You can walk into the nearest bank branch for in-person help.
Mobile app reviews for Santander Bank are mostly positive. Recent reviews indicate the app sometimes glitches, but it mostly works fine. The biggest recurring issue seems to be with mobile check deposits, a common issue among banking apps. The overall sentiment is that the app is similar to other banking apps and seems to be getting better over time.
The app lets you open accounts, view balances, manage cards, and more. You can use Face ID to log in with iPhones, a convenient security feature. You can see all your account balances from your home screen and easily navigate to Zelle to send money to friends from the app.
Santander Bank is primarily a branch-based bank, with locations throughout the Northeast and some in Southeast Florida, and many branches are conveniently located inside CVS Pharmacy stores. You can withdraw money from over 2,000 Santander ATMs spread across the Northeast.
No bank is perfect for everyone, and Santander Bank is no exception. Here are a couple of alternatives that might be a better fit.
If you aren't worried about being able to visit a banking branch, SoFi® (Member FDIC) could be a great fit for you. The bank offers a combination savings and checking account that is one of the best in the business, and has one of the highest APYs. SoFi® also offers a user-friendly investment platform, a variety of loan types, and excellent relationship benefits.
Capital One is a great combination of a branch-based financial institution and a high-yield online bank. It offers some excellent savings accounts and CDs, as well as some excellent checking account products. Capital One is best known for its credit cards, but it offers a full range of lending products as well.
Yes, Santander Bank offers a mobile banking app, which features mobile check deposit, online bill pay, account alerts, and more. It offers access to the Zelle money transfer platform, and has a high rating in the App Store.
Some types of deposit accounts can be opened through Santander Bank online. It is primarily designed to be a branch-based bank, but does offer a few of its products to be opened online. However, many are restricted to residents of certain states.
Santander Bank is a safe place to put your money. The bank is FDIC insured up to the typical limit ($250,000 per eligible account). If something happens to the bank, your money is covered up to FDIC limits.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
